The latest results for the Michael Bodouroglou-led shipowner compare with the year ago figures of $5.9m and $16.9m respectively.

Revenue for the quarter fell 16.4% to $11.6m as the time charter equivalent (TCE) rate of Paragon’s fleet shrank over 30% to $8,187 per day.

However, the TCE rate was 25% higher than the average daily TCE rate of $6,570 reported for the third quarter.

On